In this episode of the LGA Lighthouse podcast, host Tim Yeung interviews Ashley Blanchard, a Partner at LGA and an expert in family philanthropy. Drawing on her co-authored study with Wendy Ulaszek for the National Center for Family Philanthropy, Ashley shares insights on how families can successfully engage the next generation, balance individual interests with collective purpose, and navigate the journey of professionalizing their philanthropic efforts.

Key themes discussed in this episode include:

-The Power of Shared Purpose Over Individual Passion: Contrary to common belief, giving the next generation full freedom to fund their personal passions doesn't guarantee engagement or satisfaction. The study found that later generations are often more eager to collaborate and find a collective purpose. This shared focus not only strengthens family bonds but also creates a more strategic and impactful philanthropic approach, preventing the fragmentation that can occur when everyone gives in their own silo.

-Balancing "I vs. We": Ashley explains that the tension between individual and collective giving is a core challenge in family philanthropy. While allowing for personal giving can be beneficial, families must manage the balance to prevent it from cannibalizing their commitment to shared goals. A clear strategy provides a "north star" that makes decision-making principled rather than personal, helping families avoid awkward "quid pro quo" situations.

-Professionalization and Family's Enduring Role: As family foundations grow, they often hire professional staff to increase their impact. This raises a crucial question for family members: "Why am I still here?" Ashley suggests that the family's value shifts from grant-making to providing strategic guidance and upholding core values. Family members' unique perspective, long-term view, and access to networks are invaluable for navigating ethical and strategic dilemmas, ensuring the foundation's decisions align with the family's legacy and values.

In this episode of the LGA Lighthouse Podcast, host Tim Yeung speaks with psychotherapist and author Dr. Dana Dorfman about her book, When Worry Works: How to Harness Your Parenting Stress and Guide Your Teen to Success. They discuss how parents, especially those in successful family enterprises, can transform their achievement-driven anxiety into intentional, values-based parenting.

-Awareness Is the First Step: Dr. Dorfman emphasizes that effective parenting starts with a parent's self-awareness. It's crucial for parents to recognize how their anxiety manifests physically, emotionally, and behaviorally. By noticing these internal cues and the "catchphrases" they tend to use such as "I'm a failure" or "They never listen" parents can catch themselves before their anxiety drives their actions.

-Values as a Compass: Values are not just words on a wall; they are a compass for decision-making. Dr. Dorfman advises parents to identify their core values and use them as an affirmative guide for their actions and communication. When decisions are grounded in values like empathy or curiosity, rather than anxiety, they feel more authentic and purposeful. This approach helps parents move beyond simply reacting to problems and toward proactively shaping the family's culture.

-Building Self-Efficacy, Not Just Achievement: The conversation also touches on the challenge of raising children in successful families, where inherited wealth can sometimes lead to a diminished sense of self-worth and purpose. Dr. Dorfman argues that the goal isn't to remove all struggle, but to provide the "right kind of challenge" that builds competence and confidence. By creating opportunities for children to experience mastery and ownership, even in seemingly small ways, parents can help them develop a strong identity rooted in their own self-efficacy, not just in their family's legacy.

In this episode of the LGA Lighthouse Podcast, host Tim Yeung chats with Matt Fullbrook, a corporate governance advisor and creator of Ground-up Governance. Matt challenges traditional thinking on governance, offering a fresh perspective on how organizations, especially family enterprises, can make better, more intentional decisions.

Key insights from their discussion include:

-Good Governance is About Intentionality, Not Compliance: Matt emphasizes that governance is not just about following a set of rules or best practices. Instead, he defines good governance as "intentionally cultivating effective conditions for making decisions." This mindset shift transforms governance from a rigid, bureaucratic system into a flexible and creative practice that anyone within an organization can adopt. It's about focusing on the quality of the inputs, the information, perspectives, and context that lead to a decision, rather than judging a decision purely by its outcome.

-Rethink Board Independence and Embrace Diversity: The conventional wisdom of appointing independent board members often treats independence as an end in itself. However, Matt suggests that independence is a proxy for something more valuable: diversity of perspective. True value comes from bringing in outside voices with different lived experiences, skills, and industry backgrounds. This diversity broadens the range of potential solutions and helps the board avoid group-thinking, leading to more robust and innovative decisions.

-Prototyping: A New Approach to Board Operations: Matt advocates for an experimental, iterative approach to governance, much like the "design thinking" process used in product development. Boards should feel empowered to prototype new ways of working, from using small-group discussions to changing information formats and then test what works. This approach recognizes that there is no one-size-fits-all solution for every organization and encourages a continuous search for more effective decision-making practices. For family enterprises, which have fewer compliance constraints, this provides a unique opportunity to design governance that truly fits their needs and purpose.